Crypto Scams Are on the Rise in South Africa. Here’s what you need to know to stay safe online:

Introduction

South Africa has experienced a significant increase in cryptocurrency-related scams. Fraudsters are targeting unsuspecting victims, with older investors and individuals new to cryptocurrency and online trading often among the most vulnerable. What makes these scams so dangerous is their sophistication. They are designed to look convincing, and once money has been stolen, recovery is extremely difficult, time consuming, and often very costly. Understanding how these schemes work is the first step in protecting yourself and your loved ones. Below are some of the most common methods used by scammers, along with practical advice on how to avoid falling victim.

Fake Links and Phishing Emails

One of the most widespread tactics involves phishing emails, text messages, or WhatsApp communications that appear to come from trusted cryptocurrency exchanges or platforms. These messages lead unsuspecting victims to fake websites that look almost identical to the real ones. Victims are then prompted to enter their login details, which scammers immediately use to gain access to genuine accounts, often emptying them within minutes. To protect yourself, never click on links received through unsolicited emails or messages. Instead, always use the official website address directly in your browser or the official mobile app. By doing so, you ensure that you are accessing the correct platform rather than a fraudulent imitation.

Cold Calls and the Illusion of “Guaranteed” Profits

Another popular approach is the promise of guaranteed profits. Victims are often approached through cold calls, unsolicited messages, or even by people they meet online who claim to be investment experts. To build trust, scammers may show fabricated dashboards that appear to display growing profits. The goal is to encourage victims to invest more money, which will eventually vanish along with the so-called “advisors.”

It is important to remember that there is no such thing as a guaranteed return in legitimate investing. If an offer sounds too good to be true, it almost certainly is.

Remote Access Requests through AnyDesk or TeamViewer

Some scammers take a more technical approach by persuading victims to download and install remote access software, such as AnyDesk or TeamViewer. They present this as a way to “assist” with setting up an account or solving a technical problem. Once granted access, however, scammers can view sensitive emails, access online banking, infiltrate crypto wallets, and even install spyware to monitor future activity. As a rule of thumb, never provide remote access to your computer or smartphone unless you are absolutely certain that the person assisting you is both known to you and trustworthy.

Fake “Taxes” and “Unlock Fees”

This scam is particularly deceptive because it preys on the victim’s belief that they have already made substantial profits on a trading platform. When attempting to withdraw these funds, they are told that they must first pay a tax, release fee, or service charge. Believing the profits are real, many victims pay these additional fees, only to discover that the entire platform was a scam and their money is gone. While legitimate exchanges may charge a standard withdrawal fee, they will never demand an upfront payment to access your own funds. Moreover, regulated financial service providers are required to disclose all costs upfront, before any transaction is concluded.

Social Media and Romance Scams

Not all scams are purely financial. Many are emotional. Increasingly, scammers use social media and dating apps to build trust over weeks or even months. Once a relationship has been established, they introduce what seems like a golden investment opportunity. Because the victim believes the relationship is genuine, they are more likely to transfer funds. By the time they realise the “romance” was fabricated, the financial damage is often severe. Emotional manipulation is one of the most powerful tools scammers use. It is vital to approach such online relationships with caution, especially when financial matters are introduced.

Can Lost Crypto Be Recovered?

Recovering stolen cryptocurrency is sometimes possible, but rarely straightforward. Crypto transactions are irreversible by design, and scammers often move stolen funds across multiple wallets and jurisdictions to cover their tracks. Successful recovery typically requires advanced forensic blockchain analysis, legal intervention, and cooperation from international authorities, processes that are complex and costly. To make matters worse, secondary scams have emerged, where fraudsters pose as “crypto recovery experts” offering to retrieve lost funds. These are often scams themselves, preying on victims a second time. Be wary of anyone who guarantees recovery, no legitimate service can promise this.

How to Protect Yourself

The best protection is prevention.

• Never share one-time passwords, wallet recovery phrases, or login credentials.

• Be cautious of unexpected messages asking you to click links or download files.

• Avoid “advisors” who operate solely through informal platforms like WhatsApp or Telegram.

• Never grant remote access to your devices unless you fully trust the person assisting you.

• Always request a written investment mandate, a legal requirement under the FAIS Act, before engaging any financial service provider.

• Never pay additional “taxes” or “unlock fees” to access your own funds.

• Only invest through registered and regulated financial service providers in South Africa.

What to Do If You Have Been Scammed

If you or someone you know has fallen victim to a cryptocurrency scam, it is crucial to act quickly.

Report the matter to the authorities, gather all relevant records and communications, and seek professional legal advice on possible next steps. While recovery cannot be guaranteed, early and decisive action may prevent further losses or improve the chances of tracing stolen funds.

Conclusion

The growth of cryptocurrency offers exciting opportunities but also new avenues for crime. Staying informed, asking the right questions, and maintaining a healthy degree of scepticism remain the best ways to protect yourself and your loved ones.

Stay safe. Stay sceptical. And always double-check before you click.